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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: SofaSpud who wrote (8757)	3/25/2002 1:40:51 PM
From: stan_hughes	Read Replies (1) \| Respond to of 24921

The following is the most recent energy market commentary from INO. According to them, all petroleum products appear to have already made (or are in the process of making) intermediate tops, i.e. today's prices are about as good as they're going to get for the foreseeable future for all things oily. If you think TA is bunk, don't bother reading any further. I'm really only posting this to demonstrate that I'm not alone in my assessment that energy looks over-extended at the moment. From INO pre-market March 25, 2002 - The U.S. energy markets were lower in overnight trading due to profit taking with the exception of natural gas. Underlying support for crude oil and its products is multi-facetted. OPEC will continue to maintain production cuts through June while U.S. crude oil inventories are down as refineries continue to perform maintenance to gear up for a seasonal rise in demand that is already beginning. Gasoline prices are up more than 14.3 cents in the past two weeks rising 9 cents this past week, the largest increase since the survey began a half-century ago. May crude oil was lower in access trading as it extended last Friday's downside reversal. May crude oil is breaking out below March's uptrend line thereby hinting that a short-term top might be in place. Closes below last Thursday's reaction low crossing at 24.60 are needed to confirm the breakout. The daily ADX is above 40 and beginning to turn neutral hinting that a top might be in or is near. May heating oil was lower in access trading due to profit taking and is poised to test last Thursday's low crossing at 64.40. Closes below this minor support level would confirm last week's breakout below March's uptrend line thereby signaling that a short-term top has likely been posted. A downturn by the ADX would all but confirm that the late winter rally has come to an end for the time being. May unleaded gas gapped down and was lower in overnight trading and is breaking out below last Thursday's low crossing at 80.00. Multiple closes below this initial support level would confirm last week's breakout below March's uptrend line, which would open the door for a test of fib support crossing at 74.78 later this spring. The daily ADX is at levels often associated with market tops and beginning to turn down thereby increasing the odds that a short-term top has likely been posted. May natural gas was higher overnight and is working on a possible inside day as it consolidates some of last Friday's loss. May is consolidating just above November's high crossing at 3.363. Closes below this broken resistance level and March's uptrend line crossing near 3.232 are needed to confirm a top has been posted. The daily ADX is at levels often associated with market tops warning bullish traders to use caution.